Damage From Flooding...Are You Covered? Weather pattern changes and severe weather events, such as Atmospheric Rivers, have heightened the need for, and value of homeowners insurance for Fresh Water Flood coverage.
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With the ever-increasing volatility of weather patterns due to climate change, Overland Water [Fresh Water Flood] insurance coverage is an issue that homeowners should be familiar with. Here then is a basic overview of how your local insurance agent can help mitigate the financial consequences of a flooded home.
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In 2015 the Insurance Industry started developing coverage for Overland Water in response to the Government’s Emergency Flood Assistance Program’s being “in the red”; Since then most insurance providers have brought in an option to purchase Overland Water Coverage; Overland Water Coverage pricing is based on geographic data of risk locations based on postal code combined with flood map data;
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In many cases, pricing can be customized by choosing to insure Overland Water in varying limits, such as $10,000., $20,000., $30,000 or higher/full limits; Emergency Flood Assistance Programs are still available but they WILL NOT respond to those applicants where Overland Water Coverage was available thru insurance. Water Damage, including overland water flooding, now surpasses fire damage in both frequency and severity.
